RNS Number:1757X
Mortgages No 1 PLC
12 January 2001

To:   Company Announcements Office

As Agent Bank, please be advised of the following rate determined on the
12-JAN-2001.

Issue:             MORTGAGES NO 1 PLC - CLASS M
                   #10,500,000 MORTGAGE BACKED FRN DUE APRIL 2033
ISIN NO:           XS0111091525              
Issue NominalGBP:  10,500,000.00
Period:            12-JAN-2001 TO 12-APR-2001      Payment Date 12-APR-2001
Number of Days:    90
Rate:              7.28375                      
DenominationGBP:   10,000.00     100,000.00
Amount Payable
Per Denomination:  179.80

From:
Steven Coutts                           Telephone 44 (0) 1202 34 1286
Capital Markets Fiduciary Services      Facsimile 44 (0) 1202 34 7438


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